Home / Knowledge / News / Apparel/Garments / Wet Seal announces comparable store sales decline
Wet Seal announces comparable store sales decline
08
Aug '08
The Wet Seal Inc, a leading specialty retailer to young women, reported net sales and comparable store sales for the four-week period ended August 2, 2008, or fiscal July, and the fiscal second quarter ended August 2, 2008, as follows:

The Company indicated it expects to achieve results at or near the high end of previously announced fiscal second quarter earnings guidance, which was for net income between $0.07 to $0.09 per diluted share, or between $0.09 and $0.11 per diluted share before the effect of $1.9 million in non-cash interest charges associated with a June 2008 conversion of $3.4 million of the Company's Secured Convertible Notes into common stock.

Ed Thomas, chief executive officer of The Wet Seal Inc, commented: "Our July comparable store sales reflect continuation of a very difficult and highly promotional market. Consistent with our approach through the first half of the year, we remain focused on tightly managing all aspects of our business as we enter the important back-to-school selling season.

We ended the fiscal second quarter with consolidated inventories per square foot approximately 12% to 13% below the comparable prior year level, which was in line with our expectations and, we believe, properly reflects the current selling environment.

"We also remain on course with the Arden B merchandising transition we started in the first quarter this year, though we have been very cautious with overall inventory levels during the early evaluation stage of this effort. As of the end of July, approximately 70% of Arden B inventory now reflects our new strategy, and sell-through rate on this merchandise during July exceeded the division's rate as a whole."

Mr. Thomas continued, "We are pleased with our expectation to achieve at or near the high end of our previously announced second quarter earnings guidance, which reflects our cautious merchandising approach and our ongoing efforts to manage other aspects of our business very conservatively through this difficult period."

Wet Seal Inc


Must ReadView All

AEPC concern over apparel exports fall; envoys meet CEA

Apparel/Garments | On 17th Nov 2017

AEPC concern over apparel exports fall; envoys meet CEA

India’s Apparel Export Promotion Council (AEPC) has expressed concern ...

Moody's improves India's rating

Textiles | On 17th Nov 2017

Moody's improves India's rating

Moody's Investors Service has upgraded the Indian Government’s local...

Sweden in talks with Birlas for smart textiles project

Textiles | On 17th Nov 2017

Sweden in talks with Birlas for smart textiles project

Sweden is seeking a collaborative project with the Aditya Birla Group ...

Interviews View All

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Hannah Lane
Redress

Encouragement from brands will motivate supply chains to become more...

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

November 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.5%
No
12.4%
Skip
19.1%

Total Votes: 89

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.8%
No
30.3%
Skip
7.9%

Total Votes: 89

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
86.5%
No
10.1%
Skip
3.4%

Total Votes: 89

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
80.9%
No
9.0%
Skip
10.1%

Total Votes: 89


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search